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Polyhedra’s Phoenix Revival: Stakers Rewarded After ZKJ Liquidity Crash – What’s Next?

2025-07-01 20:43:50

Polyhedra’s Phoenix Revival: Stakers Rewarded After ZKJ Liquidity Crash – What’s Next?

Main Idea

Polyhedra launched the Phoenix Revival Program to reward long-term ZKJ stakers after a 90% liquidity crash, but faced community backlash due to unmet buyback promises.

Key Points

1. Polyhedra's Phoenix Revival Program targets users who staked ZKJ tokens on Ethereum or Binance Smart Chain as of June 15, 2025, at 13:00 UTC.

2. The ZKJ token crashed 90% on June 15 due to a $4.3 million liquidity withdrawal and subsequent sell-offs, causing over $97 million in long position liquidations.

3. Community backlash arose because the program omitted a previously promised buyback commitment, leaving many investors dissatisfied.

4. Polyhedra injected $30 million in stablecoins into its DEX pools and announced a temporary buyback, but failed to stabilize the token's price.

5. As of press time, ZKJ was trading at $0.1962, down 6.25% on the day and 82.65% over the past year, with a 94% loss from its March 2024 peak of $4.01.

Description

ZKJ token holders watched $500 million evaporate in minutes during a coordinated liquidity attack on June 15, but Polyhedra has just launched its Phoenix Revival Program to reward the survivors. The program targets stakeholders who held through the 90% crash, offering early access to ecosystem airdrops and zero-knowledge infrastructure rewards. Community backlash erupted immediately, with investors calling the initiative a betrayal after the leadership abandoned promised buybacks for vague futur...

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Blockchain News News Airdrop Polyhedra

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